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Lee and Roman formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lee contributed her sole proprietorship's assets
Lee and Roman formed a partnership on March 15, 2018. The partners agreed to contribute equal amounts of capital. Lee contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: (Click the icon to view the book and market values of the sole proprietorship.) (Click the icon to view additional information.) Read the requirements. Data table Requirement 1. Journalize the partners' initial contributions. (Record debits first, then, credits. Select th Begin by journalizing the contribution made by Lee. Date Mar. 15 Accounts and Explanation Lee's Business Current Market Book Value Value Debit Credit Accounts Receivable Merchandise Inventory $ 12,000 $ 10,300 40,000 38,000 Prepaid Expenses 3,100 2,600 Store Equipment, Net 37,000 29,000 Accounts Payable (21,000) (21,000) Print Done
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